Refunds; requirements

(a) This section does not apply to moneys received for transmission: (1) Subject to 12 C.F.R. §§ 1005.30 through 1005.36; or (2) pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee. (b) Within 10 days of receipt of the sender's written request for a refund of all money received for transmission, the licensee shall refund such money to the sender, unless: (1) The money has been forwarded within 10 days of the date when the money was received for transmission; (2) instructions have been given committing an equivalent amount of money to the person designated by the sender within 10 days of the date when the money was received for transmission; (3) the agreement between the licensee and the sender instructs the licensee to forward the money after 10 days of the date when the money was received for transmission. If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee shall issue a refund in accordance with this section; or (4) the refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rules and regulations has occurred, is occurring or may occur. (c) The refund request shall not be construed to enable the licensee to identify the: (1) Sender's name and address or telephone number; or (2) particular transaction to be refunded if the sender has multiple outstanding transactions. (d) This section shall take effect on and after January 1, 2025.